Founded in Montreal in 1950, Velan has a strong presence in the nuclear, cryogenic and defence markets.
“We are obviously disappointed with the French government’s decision,” said Scott Rowe, Flowserve president and CEO. “Throughout this process, Flowserve worked diligently and proactively to address all of the concerns that were raised by the French government.”
Flowserve and Velan previously extended the outside date of the arrangement agreement made in February 2023, to 7 October 2023. Flowserve does not intend to make any further extensions to the outside date and intends to terminate the arrangement agreement following the occurrence of the outside date. No termination fee will be payable by either party.